Wells Fargo CEO John Stumpf: Carrie Tolstedt Chose To Retire | CNBC — Transcript

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1. 0:00in her business surely she was I
2. 0:04believe and Reporting situations where
3. 0:08there was ethical breakdowns and cash
4. 0:12but not to the board and it it got to
5. 0:14the board level it got to the corporate
6. 0:16level in 2013 because progress was not
7. 0:20being made and the board level in 14 as
8. 0:22the corporate resources started to and
9. 0:24we've been actually seen Improvement
10. 0:26since that time it does seem like there
11. 0:27was just In fairness again there does
12. 0:30seem like a big disconnect there um so
13. 0:33she left uh after 27 years and I think
14. 0:36it would be good for the audience at
15. 0:38some point not during my time to explain
16. 0:40the the entire compensation I think it's
17. 0:42a little different than than most people
18. 0:44think based on some of the comments that
19. 0:46have been made but I assume her
20. 0:48departure after 27 years was based on
21. 0:51this issue is that correct it was based
22. 0:53on a number of issues this is one of
23. 0:54them we want to take the business in a
24. 0:56different direction and we ALS she in
25. 0:59essence was ter minated over this issue
26. 1:01uh no krie chose to retire Tim Sloan our
27. 1:05chief operating officer with my
28. 1:08consultation had a discussion with her
29. 1:10and it was sometime in June or July and
30. 1:13said we want to go in a different
31. 1:15direction we want to put an end we want
32. 1:18to put more focus on this issue but it
33. 1:19was a variety of things and she was
34. 1:22eligible eligible for retirement and she
35. 1:24decided to
36. 1:25retire hey CNBC fans thanks for checking
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